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I sold my home to my son and he gave me a life estate. I have separate living quarters in the home. What are the advantages.

Fairport, NY |

Am I responsible for maintenance, utilities, taxes? Can he rent or sell the property while I am still living?

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Attorney answers 3

Posted

I, or any other attorney, would want to see all the documents involved in the transfer, and particularly the Deed, before giving any advice. You should consult with the attorney that handled the transfer, or if you did it without one, then with a local real property attorney. As a general rule, if you retained a life estate then you have the exclusive right to occupy or rent the property and are responsible for maintenance, utilities and taxes.

I am not your attorney and any posts/messages or responses to posts/messages can not establish an attorney-client relationship. www.PatchogueAttorney.com You should not rely upon free legal advice and I disclaim any liability for the results if you do.

Paul Karl Siepmann

Paul Karl Siepmann

Posted

and if you now want out of the arrangement, you have the right to seek judicial partition of the property to receive the value of your life estate.

Posted

I'd add to the previous answer that your son could sell the property, but it would be subject to your life estate, meaning that you will still have the right to exclusive use of the property for the remainder of your life.

Posted

I'd concur. Your son could certainly sell the property but your legal right as to the Life Estate would not go away - in fact it would probably create a speed-bump for any prospective buyer who would likely back out if there's someone (you) who has a right to live there the rest of your life. See Avvo.Com under Find-A-Lawyer and consult with a New York licensed real estate attorney.

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